The equity market has shown remarkable resilience over the past two weeks despite rising U.S.-China trade tensions, a spike in equity market volatility, and growing credit concerns tied to business development company (BDC) and regional bank lending losses. While these factors have pulled the S&P 500 back from record highs, technical damage at the index level has been rather minimal. The more notable developments have arguably occurred in the money markets.

Last Thursday, for instance, the Federal Reserve’s (Fed) Standing Repo Facility (SRF) was tapped for $8 billion. It was then tapped again for $2 billion on Monday. T

While markets have been focused on the expected trajectory of short-term interest rates through Federal Reserve (Fed) rate cut expectations, the Fed’s balance sheet has recently come into focus as well. In his speech last week, Fed Chair Jerome Powell signaled the central bank may stop shrinking its balance sheet in the coming months to preserve liquidity in overnight funding markets.

The Fed has been reducing its balance sheet by allowing bonds to mature without replacement in an effort to drain excess liquidity from the economy (colloquially called quantitative tightening, or QT). The Fed has shrunk its balance sheet by o

With the third quarter (Q3) behind us, we decided to conduct a deep dive into the key factors that shaped Q3 performance. Below, we’ve highlighted what we believe to be 10 of the key takeaways.

• Source: LPL Research, FactSet, 09/30/25
• Disclosures: All indexes are unmanaged and cannot be invested into directly. Past performance is no guarantee of future results.

10 Takeaways from Q3:

1. Dow, S&P, and Nasdaq Hit Record Highs: The Dow Jones Industrial Average (Dow), the S&P 500, and the Nasdaq Composite each hit all-time highs in Q3, with the tech-heavy Nasdaq risin

It appears the federal government is shutting down today, October 1, as Congress has failed to agree on funding legislation for the upcoming federal fiscal year. If the shutdown occurs, it will be the first one since 2019 and the 21st since 1976.

Here are eight things to know about government shutdowns:

1. What is a government shutdown?

A government shutdown occurs when Congress fails to pass funding legislation for the upcoming federal fiscal year. Congress is required to pass 12 appropriation bills that need to be signed into law by the president to continue funding the government. There are 12 appropriation sub